Yarn and tape a hallway for a "laser obstacle course". That will keep 'em busy for a couple of hours.
paddle ball with a balloon and paper plates paddles.
*could make this a long jump event* Straw rockets: the idea is very simple - cut two identical shapes from paper and glue them together around the edges. To launch just insert the straw and blow!
Olympics theme ideas and printables for preschool
we had this at field day and the boys LOVED it! Going to try and recreate for the backyard
25 Olympic Crafts for Kids with a Torch tutorial and Olympic Memory Game free printable from AliLilyBlog.com
Bowling with water bottles and soccer ball
Some of the Best Things in Life are Mistakes: Activities to Celebrate the Winter Olympics with your Kids
Ring toss kids
Diy skee ball
Toddler Approved!: Winter Olympic Activities for Kids